own up to 49 percent of the area of a condominium building on freehold title, so if there were 100 units of 100m in a condominium building, foreigners could own 49 of the units on freehold title. All the money used to purchase a condominium by a foreigner must come into the county as foreign currency; this means that it is very difficult for foreigners to borrow money to fund a Thai property purchase, so the majority of foreign buyers are cash purchasers. One of the most significant trends has been the increasing number of Thai buyers, as wealthy Thais adopt the city centre condominium lifestyle rather than living in houses in suburban areas. The makeup of foreign buyers in Bangkok has shifted from western expatriates working in Asia to Asian buyers. > Do you see a shift away from the traditionally popular areas of Phuket and Pattaya, or do they continue to thrive? Phuket has slowed down somewhat and is changing to more of a mass market, moving from high-end villas to one bedroom condominium units. Pattaya continues to perform strongly, attracting Russian buyers. The majority of buyers in Hua Hin and Cha Am are still Thai, but there is also a significant number of foreign buyers from a wide range of nationalities.
All prices have been converted from local currencies and are correct at the time of print
> Are there any upcoming or surprising areas which you expect to become property hotspots in the future? Hua Hin is performing well, with a split of 70 per cent Thai and 30 per cent foreign buyers. Khao Yai, north of Bangkok, is also becoming popular amongst Thai buyers as a second home destination. Cleaner, greener and cooler than the traditionally popular areas, we have noticed a surge in enquiries for this location. In Bangkok, attention is firmly focussed on the city centre and sales are confined to the high-end of the market, with end-users inwardly focussed. Lumpini, North Sathorn Road and Sukhumvit Road remain the most popular areas, due to their reputation as having the best facilities, restaurants, hotels, shopping and offices in the city. > What form of investment is currently the most prevalent in the Thai market? The make-up of Thai real estate is quite unique; retail, prime office and residential developments are all combined in the same location, so there are no Central Business Districts which are likely to be empty after office hours. This creates great competition amongst developers, no matter their project, as they race for prime sites, as they all have similar requirements.
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